Sort of, but mostly not really...
On a small device like the M-VAVE, "sampling" usually means that you take (or record) an audio sample and perhaps if you're lucky, algorithmically pitch it up/down so that you can play it on the keyboard.
There's nothing wrong/bad about that, but when I talk about sampling, I'm talking about usually large libraries of professionally captured sounds. These are often the product of teams of specialists who rent a professional studio and use an array of high-end mics to capture every sound an instrument makes in an intimidating number of ways.
Indeed, they often capture multiple takes of each sound so that if you play them quickly, they don't sound like they are repeating.
Really what I'm getting at is the difference between recording a high-end snare or cymbal at Abbey Road with a fancy mic and putting white noise through an ADSR and a voltage controlled filter. Wildly different strokes for different folks.